The 1031 exchange is a gift from the IRS to allow investors to build wealth using the tax deferral.

I guess a stupid opening question would be, what strategy is the best for a long distance investor to get started? 

The issue I see is the building is close to 100 years old and with a $500 hoa it's not an easy sale for an investor

The biggest thing we started doing after our first 2-3 flips is focusing on the higher-roi aspects such as kitchens and baths, and then doing "just enough" for everything else. 

The legitimacy of the contract probably only really matters if you have to go to court/arbitration to enforce it.That said, your title company would be a good place to start in terms of getting a legal review, I'm sure they have a real estate lawyer(s) on staff or retainer depending on the state.

Lots of different topics and a very friendly group.Impact Grapevine- VISIT HERE - Started in Bigger Pockets and super friendly atmosphere.

Good morning BP,I'm looking to get started wholesaling virtually. 

Build the backbone, and let the 'specialists' develop the 'plug- ins!'

I've been building a 1 bedroom carriage house on the property in my spare time for the last few years which my wife and I plan to move into in the next few months so we can rent out the house.

Sounds like you've got a great start with investing.